The Gibraltar government said it is planning to establish the world’s first rules for clearing and disposal of Crypto derivatives, making a regulatory structure to improve market integrity and reduce major risks.
While working with the Gibraltar Financial Services Commission (GFSC) and the Crypto Exchange Bulish (whose owner, Bulish Group, is also the parents of Coindesk), the government has created a framework in the last six months that tailor traditional financial clearing rules for virtual asset markets.
Framework will enable virtual asset derivative contracts to clean and dispose of a recognized clearing house, Bulish said on Tuesday,
Clearing houses ensure that trades are finalized, with buyers and sellers fulfill their commitments. Many virtual asset exchanges are demonstrating the function that, in the absence of regulatory inspection, can give rise to failures in this process, Bulish said.
The proposed governance will allow the establishment of separate clearing houses with “better transparency and capitalization”, “said this.
Read more: UK’s first FCA-regulated Crypto derivative trading venue GFO-X debut in London
Right (May 13, 15:34 UTC): It is true that coindesk’s original company is a bulish group, not the Crypto Exchange Bulish.
